College loans do have major influence over a life of a student borrower. The longer time that you spend in college, the more complicated loans become. One effective means of taming such loans and be in control of your financial status is via a college loan debt consolidation program.Student loan debt consolidation schemes are designed to actually make your financial life easier and more manageable. To start with, instead of maintaining a number of college loans with different rates of interest and repayment dates, with consolidation you are given a new single loan with fixed interest rate and single low payment every month. Such arrangement permits borrowers to be able to manage their college loans in a simpler way. Merging likewise decreases the chance of late payments or even missed payments, both of which can have damaging effect to credit ratings.Merging of debts reduces monthly payment amounts too. This is because the normal have a maximum term of 10 years, while the merged ones can have maximum repayment period of 30 years. Instead of worrying about big payments every month, borrowers can now focus on a much smaller payment with student loan debt consolidation.Smaller amount of payment and low interest rates are not the only benefits and advantages of student loan debt consolidation programs. Borrowers with consolidation packages are given some repayment options, and these are standard repayment plan, extended repayment, graduated repayment and income contingent payment plan.Such plans are available to borrower in order for him to have a more flexible means of repaying his college loans. What is even better is that borrowers can transfer from one plan to another at his discretion. Another advantage of consolidating your student loans is that no minimum amount is required in order to qualify for the program.